DIGITAL PAYMENTS-

#1- Payments solutions provider Magnati is partnering up with Sheikh Shakhbout Medical City (SSMC) Hospital, according to a press release. The collaboration will utilize Magnati ’s MagnatiPay payment platform, to streamline SSMC’s payment experience. Patients at the UAE hospital will be able to settle bills using cards, e-wallets, and user-friendly self-checkout kiosks, eliminating the need for cash or checks.

What they said: “The core objective of this collaboration is to spearhead the digital transformation of the healthcare sector by facilitating a convenient payment experience,” said Imad Abdalwahab, Magnati’s managing director and head of government payment solutions.

#2- Al Ansari Digital Pay plans to launch a digital wallet in 2Q 2024, according to a DFMdisclosure. The company, a subsidiary of Al Ansari Financial Services, obtained preliminary approval for a Store Value Facilities and Retail Payment Service Provider license from the Central Bank of the UAE, according to the statement. The wallet will enable users to manage finances, receive salaries, remit money, settle bills, and access digital services through QR codes, a dedicated app, or their phone numbers. The wallet caters to the unbanked population in the GCC and is intended to contribute to financial inclusion.

What they said:“With a vast consumer base exceeding 4 mn customers, we are confident that this initiative will significantly benefit a large segment of consumers across the UAE,” Rashed Al Ansari, group CEO of Al Ansari Financial Services, said.

FINANCIAL SERVICES-

GC Exchange FZE (GCEX) obtained an Operational VASP License for Virtual Asset Broker-Dealer services from Dubai's Virtual Assets Regulatory Authority (VARA), according to a press release. The license authorizes GCEX to begin market operations as a Virtual Asset Service Provider (VASP) in Dubai. This enables brokers, hedge funds, family offices, and professional traders to access its varied technology solutions and digital asset liquidity.

DIGITIZATION-

MOCCAE undergoes major digital upgrade: The Climate Change and Environment Ministry (MOCCAE) upgraded nine digital services, focusing on license renewals and import. Services have been improved with redesigned user interfaces, and reduced service times. This update is part of the government’sService 2.0 project, aiming to revamp services and advanced technologies to help flexibility within institutions and tailor services to the needs of modern consumers.

Service 2.0 is a digital renovation project initiated in July with the Emirates Program for Excellence in Government Service.

STARTUPS-

Dubai’s crypto watchdog awards digital infrastructure startup FUZE with service license: Dubai’s Virtual Assets Regulatory Authority (VARA) has greenlit Abu Dhabi-based digital asset infrastructure startup Fuze for a Virtual Assets Service Provider (VASP) license, Zawya reports. The license permits Fuze to provide virtual asset services to businesses trading in crypto.

About Fuze: Fuze’s platform enables banks and fintechs to offer customers access to digital assets. The startup raised USD 14 mn in August, in a seed round led by Abu Dhabi-based venture capital firm Further Ventures.

SUSTAINABILITY-

Climate Minister Mariam Bint Mohammed Almheiri unveiled the Ne’ma Food Loss and Waste Reduction Roadmap during the National Dialogue on Food Security. The event comes ten days ahead of COP28 in Dubai, where food and agriculture will be key points of discussion, the state news agency WAM reports. In addition to changing food policy, the roadmap lays out the plan to change social norms around food. This is part of a wider plan from 2020 to halve food waste by 2050, the National wrote.

REMEMBER- The UAE’s food and waste program Ne’ma is considering introducing fines for excess residential waste as part of the plans to halve food waste by 2030.

PORTS-

Sharjah Ports extends Gulftainer concession agreement: The Sharjah Ports, Customs, and Freezones Authority has extended port operator Gulftainer’s concession agreement for another 35 years, WAM reports. Under the new extended agreement, Gulftainer will keep managing, operating, and developing the Sharjah Container Terminal (SCT), located at Port Khalid, and the Khorfakkan Container Terminal (KCT). The port operator had signed the initial agreements for managing and operating SCT and KCT in 1976 and 1986, respectively.

What they said: “These agreements are a win for both parties, reaffirming Gulftainer's commitment to actively manage its growing portfolio; to ensure that we continue to deliver positive benefits for the economy and the communities in which we operate,” Gulftainer CEO Peter Richards said.

DIVESTMENT-

Abu Dhabi fund exits partnership with Russian helicopter manufacturer: Abu Dhabi-based Strategic Development Fund (SDF) has inked an agreement with JSC Russian Helicopters to exit their JV Aerotar, Zawya reported. SDF cited “compliance with international sanctions” as the reason behind the decision. The two companies formed Aerotar in 2020 to develop the VRT500 Helicopter and VRT300 UAV programs.

REGULATION-

UAE Economy Ministry holds session on responsible gold supply due diligence regulations: The UAE's Economy Ministry, through its Anti-Money Laundering (AML) department, conducted a two-day session on new regulations for the responsible supply of gold, Wam reports. The regulations were enacted earlier this year in January and align with global standards set by the Organisation for Economic Cooperation and Development (OECD). The regulations aim to reinforce the national anti-money laundering and counter-terrorism financing (AML/CFT) legislation, specifically within the non-financial business sector, and protect companies from invoking penalties for non-compliance.

The regulations mandate rigorous procedures for risk assessment, management, and third-party audits. They also require gold refineries to implement due diligence practices, including KYC policies, which is a key requirement for countering money laundering.

AVIATION-

Emirates Airlines is poised to resume flights to Nigeria after a one-year hiatus, Nigeria’s Aviation Minister, Festus Keyamo, announced in a statement on X. The news follows a meeting with Emirates executives on the sidelines of the Dubai Airshow last week. The exact date of the resumption of flights was not disclosed.

ICYMI: Emirates halted flights to Nigeria in November 2022 due to challenges in repatriating its revenue from the country, Reuters reported. Nigeria's significant USD shortage, led individuals and businesses to resort to the black market for foreign exchange where the value of the Nigerian Naira has taken a hit.

CULTURE-

Al Ain and Al Dhafra book fairs exempt exhibitors from fees: For the third year in a row, contributors will not pay rental and participation fees for the Al Ain Book Festival, which began on 9 November and closes this ThursdayNovember, and Al Dhafra Book Festival (4-10 December), Gulf News reports. The policy is designed to elevate the status of Arabic in other cultural spheres as well as to furnish Arab libraries with more international publications.

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